Ryanair pays $ 424,000 bonus to Chief Executive Michael O’Leary
Chief executive Michael O’Leary was given a $ 458,000 ($ 424,000) bonus that prompted Ryaner to riot this week.
The shareholder advisory group ISS said the payments were difficult to justify because the money from the Ryanair taxpayers was used by brave officials and received a $ 600 million loan from the Bank of England.
O’Leary’s cash bonus was a whopping 92 percent of what he received, and the total salary up to March was $ 3.5 million – including $ 2.5 million under a long-term incentive scheme.
‘Hard to justify’: Michael O’Leary’s cash bonus was a maximum of 92%
His base salary has been slashed to $ 250,000 since April, but ISS said the pay cut is expected to train tax-backed companies.
The report says there are plenty of opportunities to reduce O’Leary’s bonus in light of the challenges the company faces.
In the three months to June, Ryanair lost $ 185 million. Pilots and cabin crews initially cut 3,000 jobs by cutting salaries by up to 20 percent.
ISS advises investors to vote against the non-binding pay report at its annual shareholders’ meeting on Thursday.
Given the current turmoil and uncertainty in the industry, it is difficult for the chief executive to justify a payment equal to 92 per cent of the maximum opportunity, regardless of performance.
Last year, 50 percent of Ryanair shareholders voted against the payroll report.